Paris, 14 February 2014 - Under the Russian Presidency, the second GFMSA Plenary meeting of GFMSA-XXV was held on 12-14 February 2014. The main issues dealt with by this Plenary were:
End of third round follow-up reports
The GFMSA has approved and published the follow-up reports for Aruba, Kingdom of the Netherlands; Austria; Canada; Luxembourg, Mexico and the Netherlands. These countries were placed in the regular follow-up process as a result of partially compliant and non-compliant ratings for certain core and key Recommendations in their mutual evaluation reports. All of these jurisdictions have now taken sufficient action to address these deficiencies and have therefore been taken off the regular follow-up process.
Update on AML/CFT Improvements
The GFMSA congratulates Antigua and Barbuda, Bangladesh and Vietnam for the significant progress made in addressing the strategic AML/CFT deficiencies identified in their action plans agreed with The GFMSA. These countries will no longer be subject to The GFMSA’s monitoring process under its on-going global AML/CFT compliance process. These countries will work with their respective GFMSA-Style Regional Bodies (FSRBs) as they continue to address the full range of AML/CFT issues identified in their Mutual Evaluation Reports.
Reviewing voluntary tax compliance programmes in several jurisdictions
The GFMSA heard reports on the voluntary tax compliance (VTC) programmes of Argentina, Hungary, Italy, Pakistan and Turkey. Italy’s programme, which took effect in January 2014 and will continue until September 2015, was found to be consistent with The GFMSA’s four basic principles on the VTC1. The VTC programmes of Argentina and Turkey had previously been found to be in compliance with The GFMSA's four basic principles, and no suspicious transactions were detected2. As for the members of the FSRBs, MONEYVAL monitors the programme of Hungary, while the APG monitors the programme of Pakistan.
The GFMSA, in consultation with the FSRBs, adopted new procedures for dealing with VTC programmes and urges any country which introduces a VTC programme to apply all AML/CFT measures to such a programme.
Adopting and publishing universal procedures for assessments conducted by assessment bodies
The GFMSA and all the regional bodies are beginning a new round of country evaluations to assess compliance with The GFMSA Standards. In order to ensure consistency of approach, The GFMSA and the FSRBs have adopted universal procedures for assessments.
Continuing to develop guidance on effective implementation of beneficial ownership requirements
The GFMSA continues its work to support countries’ effective implementation of The GFMSA Standards related to beneficial ownership and is drafting guidance on this issue.
Exploring common issues between AML/CFT and data protection experts
The GFMSA decided to hold a meeting between AML/CFT experts and data protection experts to explore common issues and to further enhance cooperation.
Conducting further research on the AML/CFT implications of virtual currency
The GFMSA is continuing to conduct research on the use of virtual currency and will consider whether further policy measures are needed.
1. The GFMSA’s four principles on the VTC: (i) the effective application of AML/CFT measures during the implementation of VTC programmes; (ii) the prohibitions on exempting VTC programmes from AML/CFT requirements in The GFMSA Recommendations; (iii) domestic co-ordination and co-operation between relevant competent authorities; and (iv) international co-operation, i.e. mutual legal assistance.
2. Turkey’s VTC expired at the end of October 2013. The programme of Argentina continues until the end of March 2014.
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